LOS ANGELES –Sunrise Real Estate Group has acquired a107,000-square-foot office building in the West Los Angeles submarket of Brentwood for $39 million. The Class A building is located at 12301 Wilshire Blvd. The building is currently 75 percent leased. Notable tenants include Open Road Films and Opus Bank, as well as several dentists and dermatologists. The property recently underwent a $5.5-million capital improvement program that was executed by the seller, TPMC Realty Corp. The building will be operated by SRG Management, a subsidiary of Sunrise Real Estate Group. Sunrise acquired the building in partnership with Robhana Group and 4M Investment Corp. The buyers were represented by Ali Bararsani of Newmark Grubb Knight Frank. TPMC represented itself in this off-market transaction.
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HUNTINGTON BEACH, CALIF. — AMCAL Multi-Housing Inc. has broken ground on the 78-unit Oceana Apartments in Huntington Beach. The affordable housing project will be located along Beach Boulevard in the northern part of the city. It is scheduled for completion next year. Oceana Apartments is being developed under a creative partnership with the City of Huntington Beach and TRI Point Homes. This is AMCAL’s fifth affordable housing development in Orange County.
LAS VEGAS — MCA Realty has acquired Lamb Technology Center, a 114,782-square-foot industrial property in Las Vegas, for $4.9 million. The center is located at 2725-2797 North Lamb Blvd. It was 54 percent occupied at the time of sale. In addition to the 16 industrial buildings, the property also includes a freestanding 14,750-square-foot commercial/retail building. MCA was represented by Voit’s Kevin Higgins and Garrett Toft and CBRE’s Brian Riffel.
SAN DIEGO — Broadcast Company of the Americas (BCA Radio) has leased 14,200 square feet in the San Diego submarket of Sorrento Mesa. The space is located at 6160 Cornerstone. The lease is valued at $3.5 million. BCA was represented by Jeff Saywitz of The Saywitz Company. The landlord, LBA Realty Fund Holding Company, represented itself in this transaction.
SEATTLE – The 14-unit Thorndyke Apartments in Seattle has sold to a local private investor for $2.2 million. The community is located at 2501 Thorndyke Ave. West. Spencer Clark of Marcus & Millichap’s Seattle office represented both the buyer and seller, a Canadian trust, in this transaction.
PHOENIX — King Insulation has leased 18,478 square feet at Martin Van Buren Distribution Center in Phoenix. The center is located at 402 North 37th Drive. King Insulation was represented by Louis Finocchiaro of Cassidy Turley’s Industrial Services Group. The landlord, Presson Van Buren LLC, was represented by Todd Hamilton of Cutler Commercial.
REDLANDS, CALIF. — Majestic Realty Co. has broken ground on Mountain Grove at Citrus Plaza, a 670,000-square-foot retail, dining and entertainment district in Redlands. The project will be located at the intersection San Bernardino Avenue and Citrus Plaza Drive, just off the 210 Freeway. The first phase will include 468,000 square feet. The completed project will feature tenants like Nordstrom Rack, buybuy Baby, T.J. Maxx/HomeGoods, Hobby Lobby, h.h. gregg, Tilly’s and 24-Hour Fitness. Mountain Grove is the sister project to Citrus Plaza. The two centers will eventually offer a total of 1.2 million square feet of retail, hospitality and entertainment uses. Mountain Grove is scheduled to open next summer.
DENVER – A joint venture between Griffis Residential and PCCP LLC has acquired the 288-unit City Lights apartments in Denver for $40.8 million. The Class A community is located at 325 N. Sable Blvd. in the Aurora submarket, near the Fitzsimons Medical Campus. The apartment complex has been renamed Griffis Fitzsimons South. Griffis will also manage the community. This is the joint venture’s fifth transaction.
LAHAINA, HI — The Outlets of Maui has undergone a $28-million redevelopment. The 10-building, 147,000-square-foot center received new storefronts, expanded walkway overhangs, outdoor seating areas, and significant improvements to common areas and site signage. It is located on 12 acres at 900 Front Street. The outlet center is currently 91 percent leased to tenants like Michael Kors, Guess, Tommy Hilfiger, Calvin Klein, Coach, Izod, Lucky Brand, Brooks Brothers, Carter’s, Banana Republic, Gap, Adidas and Sketchers. It also includes restaurants like Hard Rock Café and Ruth’s Chris Steak House. Notable Hawaiian retailers, including Hilo Hattie, ABC Stores and Warren & Annabelle’s, also reside at the center. Watt Advisors, the commercial investment arm of Watt Companies, joined with local development partners in April 2013 to convert the aging, traditional shopping center into Maui’s first outlet center. The Outlets of Maui is one of only two outlet centers in Hawaii. Watt and its partners plan to add 50,000 square feet to the center by the end of next year.
SAN DIEGO — Drawbridge Acquisitions LLC has acquired Via del Campo Court, a 188,072-square-foot corporate office campus in the San Diego submarket of Rancho Bernardo for $26 million. The two-building campus is located at 16710 and 16750 Via del Campo Court, just north of the I-15 and SR-56 intersection. Via del Campo is fully leased to Northrop Grumman through 2016. Drawbridge represented itself in this transaction, while the seller, WAM Via del Campo LP, c/o WAM Development Group, was represented by Rick Reeder and Brian Driscoll of Cassidy Turley’s San Diego office.